Quarterly Activities/Appendix 4C Cash Flow Report

3QFY26 Quarterly Report and Business Update

Quarterly Highlights

·          3QFY26 saw the first full quarter of HeroPlay operations, with average subscriber sign-ups scaling rapidly throughout the quarter, as joint Indosat and direct SportsHero marketing was tested, reaching a 7-day average of 3,032/day as at 31st March 2026.

·          During this testing and validation phase, daily subscription accounted for the majority of sign-ups as we expected. Product engagement initiatives were tested to increase repeat usage and optimise subscriber mix, thereby driving ARPU growth. 

·          We are already seeing the benefits of these initiatives as ARPU has increased 2.4x in the two months from February to April 2026, driven by Indosat’s full marketing support and the success of the City Battle campaign launch.

·          Our recent investor presentation outlined a mature target ARPU of $5.30/month based on 30 days of paid use equivalent over a 1 month period across all users, markets and partners. As we optimise the product and subscriber mix, we remain confident in this long term metric.

·          HeroPlay’s landing page return visit rate was 28.2% throughout the March quarter, reflecting deep user interaction with the product and growing loyalty.

·          The Indosat channel is generating higher average revenue per user and stronger overall returns to date compared to the direct channel, validating the telco partnership as a core growth strategy for HeroPlay.

Cash receipts were approx. A$269k for the quarter, with the first payments from Indosat expected to be received in the June quarter.

Business Update & Outlook

·          The Company confirms advanced negotiations with a number of new and existing SE Asian Telcos regarding integration of HeroPlay, as we further expand our regional footprint.

·          Subscriber numbers have remained consistently strong throughout April, as the learnings from the testing phase are applied in preparation for the early May launch of the next City Battle marketing campaign in the lead up to the FIFA World Cup.

In 4QFY26 management expect to see increased volumes of higher-tier subscriptions, significant scaling of revenue per user, telco partner expansions and confirmation of the “playbook” to deliver a pathway to P&L profitability.